After Hours Report

The S&P 500 (+0.6%) and Dow Jones Industrial Average (+1.0%) closed at or near highs after rebounding off early session lows. The Nasdaq Composite (-0.1%) also staged a rebound after trading down as much as 2.7% at its low, but still settled slightly below Friday's close.

The initial decline in equities reflected some hesitation about Wednesday's implementation of reciprocal tariffs. Headlines over the weekend impacted investors' sentiment after reports that the Trump administration is considering broader tariffs on April 2, including a 20% universal tariff on all imports from all countries.

The news also sparked some safe-haven buying in Treasuries, which dissipated as selling eased in equities. The 10-yr yield settled one basis point lower at 4.25% after hitting 4.19% earlier. The 2-yr yield settled unchanged at 3.91% after hitting 3.85%.

Many stocks participated in the recovery efforts, leading the equal weighted S&P 500 to close 0.8% higher. Mega cap shares were largely left out of the improvement. NVIDIA (NVDA 108.38, -1.29, -1.2%), Microsoft (MSFT 375.39, -3.41, -0.9%), Amazon.com (AMZN 190.26, -2.46, -1.3%), and Tesla (TSLA 259.16, -4.39, -1.7%) were influential losers from the space.

The price action in AMZN and TSLA pinned the consumer discretionary sector in negative territory, down 0.2% from Friday. The remaining ten sectors registered gains led by consumer staples (+1.6%) and financials (+1.3%). 

• Dow Jones Industrial Average: -1.3% YTD
• S&P 500: -4.6% YTD
• S&P Midcap 400: -6.5% YTD
• Russell 2000: -9.8% YTD
• Nasdaq Composite: -10.4% YTD

Reviewing today's economic data:

• March Chicago PMI 47.6 vs. 45.3 Briefing.com consensus; prior revised to 45.0 from 45.5

Looking ahead to Tuesday, market participants receive the following data:

• 9:45 ET: Final March S&P Global U.S. Manufacturing PMI (prior 49.8)
• 10:00 ET: February Construction Spending (Briefing.com consensus 0.4%; prior -0.2%), February job openings (prior 7.740 mln), and March ISM Manufacturing Index (Briefing.com consensus 49.8%; prior 50.3%)

Overseas:

• Europe: DAX -1.3%, FTSE -0.9%, CAC -1.6%
• Asia: Nikkei -4.1%, Hang Seng -1.3%, Shanghai -0.5%

Commodities:

• Crude Oil +2.14 @ 71.48
• Nat Gas +0.05 @ 4.11
• Gold +36.10 @ 3149.50
• Silver -0.17 @ 34.60
• Copper -0.10 @ 5.04

After-Hours Spotlight:

• Jack In The Box (JACK) names Lance Tucker as its CEO; he had served as interim CEO since February 2025... JACK up 3.0%
• Live Nation (LYV) and Vivid Seats (SEAT) ticking lower after President Trump plans to sign EO targeting ticket scalping, according to Reuters... LYV down 1.6%, SEAT down 4.4%
• Progress Software (PRGS) beats by $0.25, beats on revs; guides Q2 EPS and revs above consensus; guides FY25 EPS above consensus, reaffirms FY25 revs guidance; files mixed shelf securities offering... PRGS up 7.6%
• PVH (PVH) beats by $0.06, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY26 EPS above consensus, revs above consensus; to repurchase $500 mln in 2025... PVH up 14.9%

For a full rundown of today's market and after hours developments, see Live In Play

• Earnings/Guidance (Full Earnings Calendar):
  • Alibaba (BABA) records double-digit order growth in the USA During March Expo
  • American Intl (AIG) provides guidance in investor day presentation; Board authorized the repurchase of up to $7.5 billion of the company's common stock
  • Critical Metals Corp.’s (CRML) Tanbreez valued at $3 billion with IRR of 180% and significant additional upside potential
  • Loar Holdings (LOAR) beats by $0.01, beats on revs; raises FY25 guidacne
  • Maze Therapeutics (MAZE) reports fourth quarter and full-year 2024 financial results and recent highlights
  • Sigma Lithium (SGML) reports Q4 results
  • SSR Mining (SSRM) guides 10% production growth in 2025
• General News
  • The Trump administration is considering broader tariffs on April 2, including a 20% universal tariff on all imports from all countries, according to the Wall Street Journal
  • President Trump in interview says he is very angry with Russian President Putin and could impose secondary oil tariffs on Russia. He also said he will order bombing of Iran if they do not agree to nuclear deal, according to NBC News
  • President Trump in interview says he is considering scenario for third term where he switches places on the ticket with JD Vance. If Mr. Vance wins, he would resign, giving Mr. Trump a third term, according to NBC News
  • China will inject $69 bln into four largest banks, according to Bloomberg
  • President Trump tells reporters that TikTok deal will likely come before Saturday, according to Reuters
  • Appeals Court allows President Trump to remove heads of independent federal agencies. The case is expected to end up at the Supreme Court, according to Washington Post
  • Judge blocked Trump administration from dismantling the Consumer Financial Protection Bureau, according to The Hill
  • Senate expected to vote on reconciliation bill resolution this week, which is the first step toward passing tax cuts, spending cuts, energy reform, and immigration reform, according to Politico
  • Some large customers are slowing down AI spending, according to The Information
  • Car buyers are rushing to dealers to avoid tariffs, according to Bloomberg
  • President Trump in interview says he "couldn't care less" if automakers increase prices on imported cars, because he believes it will be an incentive for people to purchase American made cars, according to NBC News
  • Nevada Gaming Board reports February gaming win -9.8% yr/yr to $1.217 bln; -13.8% yr/yr to $690.3 mln on the Las Vegas Strip
  • Elon Musk says xAI has acquired X, which values it at $33 bln, according to Elon Musk post on X
  • White House Press Secretary Karoline Leavitt tells CNBC that goal of Wednesday's tariff event is to announce country based tariffs
  • The Trump administration mulling executive order to fast track deep sea mining, according to Reuters
  • Aegon (AEG) announces changes to its Board of Directors; intends to appoint David Herzog as Chair in the second half of 2025
  • Alphabet (GOOG): LTIMindtree announces strategic partnership with Google Cloud to drive business transformation with Agentic AI
  • Amazon (AMZN) makes it easier for developers and tech enthusiasts to explore Amazon Nova, its advanced Gen AI models
  • ArcelorMittal (MT) South Africa deferred decision to wind down ArcelorMittal South Africa’s Long Steel Business for an initial period of at least 6 months, up to August 31, 2025
  • Alnylam (ALNY) Presents New Data from the HELIOS-B Phase 3 Study of Vutrisiran in Patients with ATTR Amyloidosis with Cardiomyopathy (ATTR-CM) at the American College of Cardiology’s Annual Scientific Session 2025
  • Avista (AVA) reaches all-party, all issues settlement in Oregon general rate case
  • Boeing (BA) awarded a $101.6 mln modification to US Army contract for logistics support for Apache airframe components
  • Boeing (BA): BOC Aviation orders 50 Boeing 737 MAX Jets
  • BridgeBio Pharma (BBIO): Acoramidis shows statistically significant improvements in cardiovascular outcomes in patients with variant ATTR-CM
  • Capital One (COF) and Discover Financial Services (DFS) showing strength with overall market lower; strength attributed to reports that DOJ might appoint a M&A friendly regulator to merger case
  • Charter Comm (CHTR): AMC+ (AMCX) now available to Spectrum TV select customers at no additional cost
  • Ero Copper (ERO) Extends Precious Metals Purchase Arrangements with Royal Gold by $50 million at the Xavantina Operations
  • APi Group (APG) announced the appointment of David Jackola as Executive Vice President & Chief Financial Officer, effective immediately
  • Apple (AAPL): Autorite de la concurrence has fined Apple €150,000,000 for abusing its dominant position in the sector for the distribution of mobile applications on iOS and iPadOS devices between April 2021 and July 2023
  • Apple (AAPL) prepares artificial intelligence health features, according to Bloomberg
  • Apple (AAPL) competing with Elon Musk over satellite expansion, according to the Wall Street Journal
  • Apple (AAPL) features expand to new languages and regions today
  • Arm Holdings plc (ARM) expects its CPU data center market share to increase to 50% this year, according to Reuters
  • ASA Gold (ASA) and Precious Metals: Court rules in litigation over ASA Gold and Precious Metals Fund Shareholder Rights Plans
  • AstraZeneca (AZN) receives FDA approval for Imfinzi for bladder cancer
  • AstraZeneca (AZN) reports Calquence plus chemoimmunotherapy recommended for approval in the EU by CHMP as first and only BTK inhibitor for 1st-line mantle cell lymphoma
  • AstraZeneca (AZN): IgniteData advances clinical trial efficiencies with successful deployment at leading cancer center
  • AstraZeneca (AZN): Positive results from the PURSUIT Phase IIb trial for AstraZeneca’s AZD0780 demonstrated a statistically significant low-density lipoprotein cholesterol reduction when administered on top of standard-of-care statin therapy, as compared with placebo
  • Bally's Corporation (BALY): Yggdrasil has further boosted its UK footprint after partnering with the iconic gambling brand Bally’s, in a deal that has seen the provider’s full slot offering go live in the market
  • BeiGene (ONC) receives positive CHMP opinion for TEVIMBRA as a first-line treatment for extensive-stage small cell lung cancer
  • Cannae Holdings (CNNE) announces expected use of at least $460 million for share repurchases, dividends, and debt repayment
  • Castle Biosciences' (CSTL) DecisionDx-SCC Data Earns Top Five Abstract at NCCN 2025, Shows Significantly Enhanced Risk Stratification Beyond Current Staging Within NCCN Risk Groups
  • Delta Air Lines (DAL): FAA investigating issue with DAL flight 2983 regarding onboard alert that another aircraft was nearby
  • Diginex Limited (DGNX) announces a strategic alliance with Forvis Mazars, a leading global professional services firm, to bring its innovative supply chain due diligence platform, diginexLUMEN, to Forvis Mazars’ extensive client base
  • DuPont (DD) mulling sale of Kevlar & Nomex brands, according to Bloomberg
  • D-Wave Quantum (QBTS) & Japan Tobacco announce Quantum proof-of-concept outperforms classical results for LLM training in drug discovery
  • Edwards Lifesciences (EW): New data confirm rapid, unpredictable progression of severe aortic stenosis and need for urgent referral and evaluation of patients
  • FLEX LNG (FLNG) accepted the resignation by Øystein Kalleklev from his role as Chief Executive Officer
  • GE Aerospace (GE) awarded subcontract for next phase of future long range assault aircraft
  • GE Vernova (GEV) and MIT launch new alliance to accelerate energy innovation
  • Genmab (GMAB) announces that the European Commission has granted marketing authorization for TIVDAK, an antibody-drug conjugate, as monotherapy treatment for adult patients with recurrent or metastatic cervical cancer with disease progression on or after systemic therapy
  • Grifols, S.A. (GRFS) Board approved subsidiary Grifols Biotest Holdings GmbH submit a public delisting purchase offer to the shareholders of Biotest AG
  • Gyre Therapeutics (GYRE) announces NMPA approval for clinical trial evaluating pirfenidone capsules in oncology-related pulmonary complications
  • Harley Davidson (HOG) prices could rise if EU targets the company with retaliation, according to the Wall Street Journal
  • IMAX (IMAX) and Kinepolis announce a multi-territory expansion of their longstanding global partnership with nine new state-of-the-art IMAX with Laser systems across Europe, the U.S., and Canada
  • ING (ING) execs met with Italy's Banca Popolare di Sondrio, according to Reuters
  • Ingevity (NGVT) entered into a cooperation agreement with Vision One Fund, LP and certain of its affiliates
  • Infosys (INFY) announces its collaboration with Linux Foundation Networking, the facilitator of collaboration and operational excellence across open source networking projects, to advance Responsible AI principles and spur the adoption of domain-specific AI across global networks
  • IDEAYA Biosciences (IDYA) receives FDA Breakthrough Therapy designation for Darovasertib Monotherapy
  • Ingersoll-Rand (IR) received notice of an unsolicited “mini-tender” offer by TRC Capital Investment Corporation to purchase up to 1,500,00 shares of Ingersoll Rand’s common stock at $77.50/share
  • Innovative Industrial Properties (IIPR) reports on tenant defaults
  • Jinxin Technology (NAMI) and Tencent (TCEHY) Cloud announce strategic partnership with Sichuan Education Press to Launch AI-Powered Writing Solution
  • Keros Therapeutics (KROS) announces initial topline results from the phase 1 clinical trial of KER-065 in healthy volunteers
  • L3Harris (LHX) has signed a long-term agreement with the Dutch Ministry of Defence for delivery of advanced Falcon IV radios for the FOXTROT program
  • Lilly's (LLY) lepodisiran reduced levels of genetically inherited heart disease risk factor, lipoprotein(a), by nearly 94% from baseline at the highest tested dose in adults with elevated levels
  • Lockheed Martin (LMT) awarded a $4.94 bln US Army contract for the Precision Strike Missiles Increment One
  • Medtronic (MDT) Evolut TAVR system shows durable clinical outcomes and outstanding valve performance at five years in low-risk aortic stenosis patients
  • Mesoblast (MESO): First Three children to commence treatment with Ryoncil
  • Microsoft (MSFT): OpenAI is finalizing a $40 bln funding round, but needs to restructure into a for-profit co, according to the Wall Street Journal
  • Microsoft (MSFT) to close AI lab in Shanghai, according to SCMP
  • Mineralys Therapeutics (MLYS) Announces Late-Breaking Data from Advance-HTN Pivotal Trial of Lorundrostat in Uncontrolled and Resistant Hypertension Presented at the American College of Cardiology’s Annual Scientific Session & Expo
  • Moderna (MRNA) receives Australian Therapeutic Goods administration approval for RSV vaccine for older adults
  • Moderna (MRNA) and other vaccine names trading lower after Director, Center for Biologics Evaluation and Research at the FDA, Dr. Peter Marks resigned
  • Monro Muffler (MNRO) announces the appointment of Peter Fitzsimmons, Partner and Managing Director of AlixPartners, as President and Chief Executive Officer, effective immediately
  • New Pacific Metals (NEWP) CEO Andrew Williams will step down on April 15
  • Nokia (NOK) and Amazon (AMZN) sign patent agreement
  • Northrop Grumman (NOC) awarded a $175.6 mln US Air Force contract
  • Novo Nordisk A/S (NVO) reports Rybelsus demonstrates superior reduction in cardiovascular events in the SOUL trial at ACC 2025
  • Novo Nordisk A/S (NVO) reports Ozempic shown to improve walking distance and quality of life in adults with type 2 diabetes and peripheral artery disease
  • Opthea (OPT) Announces Decision to Discontinue Wet AMD Trials
  • Renault (RNSDF) and Nissan (NSANY) announce new strategic projects
  • Sandoz (SDZNY) strengthens its balance sheet by issuing new bonds to repay spin-off term loans, and signs new USD 2 billion revolving credit facility
  • Sempra Energy (SRE) announces continuation of capital recycling program; is also initiating a process to sell a minority interest in Sempra Infrastructure
  • Stellantis (STLA) aims to purchase CO2 credits from Tesla's (TSLA) pool, according to Reuters
  • Tesla (TSLA) protests occurred over the weekend, according to Bloomberg
  • Teva Pharma (TEVA): New Data Strengthens Teva’s schizophrenia portfolio, Including Phase 3 SOLARIS Trial Survey Results Demonstrating Patient and Healthcare Professional Satisfaction with TEV-'749 (olanzapine) as a once-monthly subcutaneous long-acting injectable
  • Textron Aviation (TXT) and Aeromot execute cooperation agreement to develop an in-air openable jump/cargo drop door for Cessna Caravan aircraft at the Aeromot facility in Brazil
  • The9 Limited (NCTY) receives strategic investment from cryptocurrency investment funds to operate global GameFi Platform
  • TJX (TJX) increases quarterly dividend 13% to $0.425/share from $0.375/share
  • TSMC (TSM) will continue with plan to build new fab, according to Reuters
  • UBS (UBS) doesn't plan on leaving Switzerland, according to Reuters
  • U.S. Bancorp (USB) is aware that a plane that crashed in Brooklyn Park, Minnesota, on Saturday, March 29, 2025 was registered to a private company affiliated with Terrance R. Dolan, our Vice Chair and Chief Administration Officer
  • Vaxcyte (PCVX) announces positive topline results from VAX-24 infant phase 2 dose-finding study
  • Valneva (VALN) submits adolescent label extension application for its chikungunya vaccine to UK MHRA
  • Vertex (VRTX) Announces Program Updates for Type 1 Diabetes Portfolio
  • Vertical Aerospace (EVTL) Adopts Universal Fast-Charging Standard to Accelerate eVTOL Deployment
  • Voyager (VYGR) Presents Robust Preclinical Data from Tau Targeting Gene Therapy and Antibody Programs at AD/PD 2025
  • Yum! Brands (YUM) announced that David Gibbs, Chief Executive Officer, has informed the Board of Directors of his intention to retire from the Company in the next year

• Upgrades:
  • Celsius Holdings (CELH) upgraded to Buy from Hold at Truist, tgt $45
  • Goodyear Tire (GT) upgraded to Buy from Hold at Deutsche Bank, tgt $13
  • JPMorgan upgrades Lionsgate (LGF.A) to Neutral from Underweight, tgt $9
  • KLA Corporation (KLAC) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $870
  • Progyny (PGNY) upgraded to Buy from Neutral at BTIG, tgt $28
  • PNC Financial (PNC) upgraded to Buy from Hold at HSBC, tgt $202
  • Snap-On (SNA) upgraded to Buy from Neutral at Longbow, tgt $400
  • Steel Dynamics (STLD) upgraded to Outperform from Market Perform at BMO Capital, tgt $145
  • Waters (WAT) upgraded to Overweight from Sector Weight at KeyBanc, tgt $460
  • Wingstop (WING) upgraded to Buy from Hold at Jefferies, tgt $270
• Downgrades:
  • Agnico Eagle (AEM) downgraded to Neutral from Buy at UBS, tgt $110
  • Bank of Nova Scotia (BNS) downgraded to Neutral from Buy at BofA Securities
  • ChargePoint (CHPT) downgraded to In Line from Outperform at Evercore ISI, tgt $1
  • Comerica (CMA) downgraded to Equal Weight from Overweight at Stephens, tgt $64
  • Canada Goose (GOOS) downgraded to Underweight from Equal Weight at Barclays, tgt $8
  • Innovative Industrial Properties (IIPR) downgraded to Sell from Neutral at Compass Point, tgt $50
  • Sarepta Therapeutics (SRPT) downgraded to Sector Perform from Outperform at RBC Capital, tgt $87
  • U.S. Steel (X) downgraded to Market Perform from Outperform at BMO Capital, tgt $45
• Others:
  • Alnylam Pharmaceuticals (ALNY) initiated with a Buy at Redburn Atlantic, tgt $353
  • Atmos Energy (ATO) initiated with a Peer Perform at Wolfe Research
  • BridgeBio Pharma (BBIO) initiated with a Buy at Redburn Atlantic, tgt $50
  • Cava Group (CAVA) initiated with a Buy at BofA Securities, tgt $112
  • Centessa Pharmaceuticals (CNTA) initiated with an Overweight at Piper Sandler, tgt $38
  • Ionis Pharmaceuticals (IONS) initiated with a Neutral at Redburn Atlantic, tgt $39
  • Kestra Medical (KMTS) initiated with an Overweight at Piper Sandler, tgt $27
  • Kestra Medical (KMTS) initiated with an Overweight at Wells Fargo, tgt $28
  • Kestra Medical (KMTS) initiated with a Buy at Stifel, tgt $28
  • Kestra Medical (KMTS) initiated with a Neutral at Goldman Sachs, tgt $24
  • Kestra Medical (KMTS) initiated with an Outperform at Wolfe Research, tgt $29
  • Kimbell Royalty Partners (KRP) initiated with a Neutral at Mizuho, tgt $16
  • MasTec (MTZ) initiated with a Peer Perform at Wolfe Research
  • Norwegian Cruise Line (NCLH) initiated with a Buy at Jefferies, tgt $25
  • Nexxen (NEXN) initiated with an Outperform at Scotiabank, tgt $17
  • Okta (OKTA) initiated with an Overweight at Cantor Fitzgerald, tgt $130
  • Penguin Solutions (PENG) initiated with a Neutral at JPMorgan, tgt $20
  • Royal Caribbean Cruises (RCL) initiated with a Hold at Jefferies, tgt $230
  • Sitio Royalties (STR) initiated with a Neutral at Mizuho, tgt $22
  • Tenable (TENB) initiated with an Overweight at Cantor Fitzgerald, tgt $50
  • Viking Holdings (VIK) initiated with a Hold at Jefferies, tgt $45
  • Viper Energy (VNOM) initiated with an Outperform at Mizuho, tgt $56
  • Virax Biolabs (VRAX) initiated with a Buy at H.C. Wainwright, tgt $3
  • TeraWulf (WULF) initiated with a Buy at JonesResearch, tgt $4

• Econ Data (Tuesday):
  • 9:45 ET: Final March S&P Global U.S. Manufacturing PMI (prior 49.8)
  • 10:00 ET: February Construction Spending (Briefing.com consensus 0.4%; prior -0.2%), February job openings (prior 7.740 mln), and March ISM Manufacturing Index (Briefing.com consensus 49.8%; prior 50.3%)
• Earnings:
  • Monday (Mar 31)
    • Pre-Market: LOAR
    • After-Hours: LPRO PRGS PVH TTGT
  • Tuesday (April 1)
    • Pre-Market: None
    • After-Hours: NCNO
  • Wednesday (April 2)
    • Pre-Market: ANGO CGNT UNF
      
    • After-Hours: BB PENG RH
  • Thursday (April 3)
    • Pre-Market: AYI CAG LW LNN MSM
    • After-Hours: GES SLP
  • Friday (Mar 28)
    • Pre-Market: None
    • After-Hours: None
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike